Shares of Marvell Technology Group Ltd.
MRVL, +2.18%
are up 3.2% in premarket trading after Evercore ISI analyst C.J. Muse initiated coverage of the stock with an outperform rating. "We see the emergence of the third wave of compute led by AI/big data/storage making data worth a lot more today, creating a virtuous cycle generating ever increasing demand for higher semiconductor content led by the data center/cloud - with Marvell a direct beneficiary of these trends," Muse wrote. He likes that Marvell is focusing more on data-center and infrastructure opportunities than it is on the consumer business. "We expect Marvell to gradually gain share in the enterprise and campus markets, with design wins ramping in production and driving overall revenues up high-single digits," he wrote. Muse has a $27 price target on the stock, which is up 19% over the past 12 months, compared with a 13% rise for the S&P 500
SPX, +1.32%

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